ConocoPhillips (COP) has agreed to sell two U.K. subsidiaries to Chrysaor E&P Limited for $2.675 billion, plus interest and customary adjustments. The deal is expected to be completed in the second half of 2019. The company will use the proceeds for general corporate purposes. The U.K. subsidiaries involved in the deal indirectly hold the company's exploration and production assets in the U.K., as well as associated decommissioning liabilities.

Alibaba is upgrading its intellectual property system using blockchain technology, according to local news outlet Sohu. Alibaba Platform Management expects this to benefit mainly small and medium-sized enterprises, brands and entrepreneurs. The technology will be fully implemented in September, and thereafter, the company intends to expand it to the field of digital copyright protection.

Electronics retailer Best Buy Co., Inc. (BBY) reported Thursday a 27 percent increase in profit for the first quarter from last year, which was impacted by restructuring charges, and higher revenues. Both adjusted earnings per share and revenues for the quarter topped analysts' estimates. The company also provides guidance for the second quarter and reiterated its outlook for the full-year 2020.

While reporting financial results for the second quarter on Thursday, Hormel Foods Corp. (HRL) lowered its earnings and net sales guidance for the full-year 2019.
For fiscal 2019, the company now projects earnings in a range of $1.71 to $1.85 per share, and net sales between $9.70 billion and $10.20...